OCC issues another ‘comprehensive’ order against USAA
The Office of the Comptroller of the Currency issued a “comprehensive” cease-and-desist order against the beleaguered bank blocking new product offerings or expanding membership because of compliance and risk management issues.
Big banks push global B2B payments
Morgan Stanley and ABN Amro tapped fintechs to improve cross-border transactions. That and a U.K. card fee cap highlight this week’s roundup of payments news.
The Best of American Banker Magazine for 2024
This year, American Banker reporters dove deep into topics such as gambling addiction, Citigroup’s rebuild, the Small Business Administration, fraud, and monetary policy for its feature articles. Check out the most consequential articles of the year.
20 states with the highest rates of unbanked residents
When combined, the top five states have roughly 23.9 million households classified as unbanked according to the Federal Deposit Insurance Corp.
It’s time to reprioritize safety in banking as a service
We’ve seen what can happen when BaaS providers fail to adequately protect consumers. Across the industry, we need to institutionalize the principles of safe banking, both inside and outside of traditional banks.
FDIC considers lawsuit against ex-SVB executives
The Federal Deposit Insurance Corp. is considering suing former Silicon Valley Bank executives over risk management decisions, imprudent dividends, and billions in losses that fueled a banking crisis in 2023.
Politics, history, hubris: why agency consolidation isn’t easy
Proposals to streamline U.S. banking regulators have resurfaced with the Trump administration’s focus on efficiency, but experts and history suggest such changes are unlikely amid political and industry resistance.
CFPB targets card industry over the devaluation of rewards
As the Biden administration comes to a close, the agency called out “bait-and-switch tactics” by card issuers. It also announced a new tool allowing consumers to comparison-shop for credit cards.
PACE loan rules finally issued by CFPB
Six years after Pres. Trump signed Dodd-Frank reform, the Consumer Financial Protection Bureau issued rules bringing these loans under Truth-in-Lending.
House Republicans warn banking agencies to pause rulemakings
Letters hint at more oversight of the banking agencies, as well as the Treasury Department, the CFPB and the Securities and Exchange Commission, under the Republican-controlled Senate.